Cardano (ADA) dethrones BNB as third-largest cryptocurrency

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys playing cricket,… read more.
on Feb 27, 2021
  • Cardano (ADA) now has a market capitalization of $39.6 billion, which is now higher than Binance’s BNB.
  • For the past week, Cardano has performed beyond expectations despite the bearish market conditions.
  • Cardano’s price increase is fueled by IOKH’s partnership deals and other developmental projects.

The crypto market has seen a major retraction this week, but some crypto assets are still over-performing beyond expectations.

One of those cryptocurrencies is the Cardano (ADA) coin. The crypto assets have now overtaken Binance’s BNB to the 3ird place when it comes to market capitalization. BNB climbed to the third spot only recently too, but its reign as the third-largest cryptocurrency was short-lived due to ADA’s resurgence and market growth.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

ADA has been performing great for the past few weeks but raised the bar even higher this week when Bitcoin was having its largest price drop in history.

Cardano performing despite the bearish market

At the time of writing, Cardano’s (ADA)’s market capitalization is $39.6 billion, which is about $4.5 billion higher than BNB’s market cap. Although BNB performed well during the week, ADA’s performance was just spectacular and way higher than any other cryptocurrency in the top 10 brackets.

Within the past 24 hours, the cryptocurrency has grown b an impressive 18.76 percent. But its overall gain over the week is 30 percent. This figure is quite different from its competitors, with Ethereum (ETH) losing as much as 22 percent while Bitcoin (BTC) depreciated by 15 percent within the past week.

BNB also lost about 22 percent within the past seven days after gaining as much as that the previous week. It shows the extreme nature of volatility within the crypto industry.

Fundamentals fueling token’s appreciation

Cardano (ADA) refused to follow the market dip experienced in the crypto industry because of market fundamentals. IOHK, the firm behind the Cardano project, recently announced a partnership with MuKn to develop a programming language aimed at optimizing smart contract execution on the blockchain.

With this partnership, users now have more interest to buy Cardano (ADA), which has made it rise in price.

The new language hopes to make dApps less complex and more secure. Several other developments are happening within the Cardano network as the platform gains more popularity and user-base.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
10/10
67% of retail CFD accounts lose money